Business
March 2021 quarter day rent collection
March 2021 quarter day rent collection.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2148V\n Land Securities Group PLC\n 13 April 2021\n \n \n \n \n 13 April 2021\n \n \n \n \n \n Land Securities Group PLC ('Landsec')\n \n March 2021 quarter day rent collection\n \n \n \n \n In response to the continued impact of Covid-19 on Landsec's operations, the Company has issued the following information on March rent collection.\n \n Footfall and sales performance for the year to 31 March 2021 will be provided in our annual results announcement which will be published on 18 May 2021. \n \n \n \n \n \n Cash collection and customer support\n \n \n We continue to take a proactive approach to addressing the challenges the pandemic presents to our people, our customers and our business. Our marketing and operations teams have been working with our brand partners to prepare for yesterday's re-opening of non-essential shops in England and Wales and the expected re-opening in Scotland on 26 April.\n \n \n \n \n \n In early April 2020, we established a customer support fund of £80m for occupiers who most need our help to survive. To date, £39m of rent concessions has been allocated to customers. We expect this figure to increase as some of our customers, who have not yet paid their rent, enter into discussions with us following the Government's announcement about re-opening non-essential retail and the lifting of the rent moratorium at the end of June. We will update on this at our annual results on 18 May.\n \n \n \n \n \n £110m of rent was due on the 25 March payment date. The table below shows the amount and percentage of this rent collected within five working days after adjusting for the impact of customers having entered CVAs and administrations, concessions agreed out of the fund and agreed monthly and deferred payment terms. 67% of this net rent was paid within five working days, compared with 65% for the equivalent period last year.\n \n \n 25 March 2021 quarter(1)(2)\n \n \n \n \n \n \n \n \n \n \n \n \n Agreed changes in payment terms\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Gross amounts due 25 March\n £m\n \n \n Impact of CVAs and admins\n £m\n \n \n Concessions\n £m\n \n \n Monthly payment terms\n £m\n \n \n Deferred payments\n £m\n \n \n Net\n amounts\n due 25 March\n £m\n...